The Economic and Social Research Institute has said the Covid-19 pandemic is the greatest threat that the Irish economy has faced since the financial crisis.

In its quarterly Spring Economic Commentary, the ESRI said that if Government measures to combat the spread of the virus remain in place for a 12 week period, the economy would shrink by 7.1% this year.

The labour market, which had been in a position of strength before the spread of the pandemic, is also set to face the largest one quarter shock in living memory, according to the ESRI.

It predicts that the unemployment rate will increase to 18% in the second quarter of the year from 4.8% in the previous quarter, as over 350,000 people lose their jobs.

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0

Economy to shrink by at least 7.1% due to virus - ESRI

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